Payday loans are really a cash advance as a short-term loan that is generally paid back on your next payday at work. The amount usually ranges from $100 to $1,500 and is seen as an financial fund for emergencies. The money you borrow gets transferred to you bank account so bank holidays could slow the time it takes for you to get your funds. Loans applied for on a Monday, Tuesday, Wednesday or Thursday, should be in your account the next day. Friday loans will not see their money till Monday. Saturday and Sunday loans will be seen in your account on Tuesday.
These loans are paid back in the same manner they are received, an electronic transaction. On your application you picked a date for your loan amount to be automatically deducted from your bank account. As past bankruptcy is of no concern to these kind of loans, as long as you are not currently going through a bankruptcy. No check on your credit history is made. Payday loans are done one at a time but you can apply to another payday loan company while you have a loan with another.